I freely admit to confusion on the word primarily because I don't associate liberalism with conservative economics, particularly supply side tax cuts and lax financial regulations. Smacks a little too much of Adam Smith's 'invisible hand' as well.
Neoliberalism is also, according to some scholars, commonly used as a pejorative by critics, outpacing similar terms such as monetarism, neoconservatism, the Washington Consensus and "market reform" in much scholarly writing.[6] The Handbook of Neoliberalism, for instance, posits that the term has "become a means of identifying a seemingly ubiquitous set of market-oriented policies as being largely responsible for a wide range of social, political, ecological and economic problems".[5]
Its use in this manner is controversial[49][50] and has been especially criticized by those who advocate for policies characterized as neoliberal.[51]:74
The Handbook, for example, further argues that "such lack of specificity [for the term] reduces its capacity as an analytic frame. If neoliberalism is to serve as a way of understanding the transformation of society over the last few decades then the concept is in need of unpacking".[5]
Historian Daniel Stedman Jones has similarly said that the term "is too often used as a catch-all shorthand for the horrors associated with globalization and recurring financial crises".
[52]:2 On the other hand, many scholars believe it retains a meaningful definition. Writing in The Guardian, Stephen Metcalf posits that the publication of the 2016 IMF paper "Neoliberalism: Oversold?"[53] helps "put to rest the idea that the word is nothing more than a political slur, or a term without any analytic power".[54